Ecobank Group has announced that it has achieved a total of $20 million recoveries from its resolution vehicle created in 2016 to manage the bank’s legacy loans.Besides, the bank assured shareholders of enhanced returns through dividend payment in a near future.

The bank also explained that it has proactively resolved its legacy issues with the amount recovered so far from the implementation of the resolution vehicle.Addressing shareholders during the 30th yearly general meeting held in Lome, Togo on Tuesday, the Group chairman, Emmanuel Ikazoboh explained that the non-performing loan ratio which stood at 10.7 per cent at the end of 2017 has been diligently addressed, resulting in a specific provisions of approximately $1.6 billion over the past two years.He noted that the positive development has impacted positively on the bank’s 2017 performance.

According to him, the bank achieved a profit of $182 million compared to $39 million loss recorded in the corresponding period in 2016.“Additionally, ETI adopted equity accounting methods in 2017 which allows it to record un-distributable profits of its subsidiaries and affiliates according to its percentage controlling interest. “

Furthermore, ikazoboh pointed out that the group generated a profit attributable to shareholders to the tune of $179 million and diluted earnings per share of $0.01, compared to loss of $250 million and a diluted loss per share of $0.01 in 2016. He added that the group also generated a return on total equity of 11.6 per cent.

“We have, and are working through our challenged loans while the impact of economic recovery is gradually feeding through to heightened activity in our major markets. We are making encouraging progress but still expect credit losses and non performing loan levels to remain relatively high.”
Ikazaboh explained that lapses in internal credit control across the group, coupled with the effect of Nigeria’ recession had a negative impact on the bank’s credit quality.He however assured shareholders that the bank has addressed its credit issues with appointment of a new group chief risk officer and the complete overhaul of its credit origination and approval process.
He added that the bank has established a corporate finance unit to structure regional term loans and other transaction related lending.
On the non payment of dividend, Ikazoboh explained that the bank decision to pay dividend was challenged by some factors which include the bank of Ghana’ s directive to increase minimum capital requirements from GHS 120 million to GHS 400 million.
“Although we previously signalled that the near term resumption of cash dividend payment would be challenging, that does little to alleviate the board’s disappointment and sadness that we cannot reward our shareholders loyalty this year.
“Rest assured that we regard this as a matter of major importance and we are working tirelessly to turnaround the group’s financial fortunes to enable uninterrupted and growing future dividend payments”.
The Group Chief Executive Officer, Ade Ayeyemi explained that the group has returned to profitability which reflects a significant reduction in impairment losses on its loans and advances. He pointed out that the bank has focused on strengthening the bank’s competitiveness and has positioned the group to create shareholder value on a sustainable basis.He assured shareholders that the bank would continue to instil discipline and remain proactive in managing its business.

http://www.akelicious.net/2018/04/ecobank-group-records-20m-loan-recovery.html

Ecobank... Las las na thunder go settle una matter. Una go send person text that 56 naira has been credit to your account as April interest rate and in less than 60secs, una go send another one that 97 naira has been deducted for SMS charge. Who is foolng who? Make una kukuma finish that 289 naira inside the account make una rest.



#Pray4Benue


AbjFinestMc
1st NL Emoji Boi

Since Buhari has been the most mentioned name in Nigeria this past year, i think Oxford dictionary should consider creating a space for him in the dictionary. like; 
Buhari: /boo-ha-ree/ nouns: Buhari 1. hard, hardship, difficult, harsh, tough. e.g the economy is now Buhari for the masses 2. to complicate, make worse, unbearable. e.g "please don't come and Buharificate issues here". "the only way to reduce applicants is to Buharify the process. Adjective : e.g how was your exam? it was Buharific!

uhm

Still not Fallin for it..

The Pan African Bank

Hmmn..

Good morning

check my signature and register

All this bank to dey lai abeg.
Just trying to claim strong.
You go see Wema bank set post $200 million dollars net profit...where unable dey see am?

yeye bank

https://www.google.com.ng/amp/s/guardian.ng/business-services/ecobank-group-records-20m-loan-recovery-posts-182m-profit/amp copy nd paste blogger

Abeg this thing called Eco self dey claim bank?

I h8 the echo of that bank.



Their management is total zero

I am not an Economist but wetin I understand for this matter be say them recover loan of $20m and they made a profit of $182m as per say the ones wey no fit pay, them sell their collateral their price to make that profit. Abeg, person wey sabi should educate me.

Economist but within I understand for this matter be say them recover loan of $20m and they made a profit of $182m that is to much I can not to do that Write My Essay For Me service It fortifies the body, relaxes the brain, takes some help is the best because I have taken it before.

If him dey chop all d insults when things go bad, shebi im deserve praise for this one wey dong beta.

Okay